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I am going to sell my property, this property was bought in…

Customer Question
I am going to sell...
I am going to sell my property, this property was bought in 2006, and I added my daughter's name into the property in 2008.
The selling of this house give us about $1,000,000 profit, how much the tax free we could have, total $500,000, or $750,000 ?
Thanks in advance for your ansewer
Submitted: 2 years ago.Category: Tax
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Answered in 4 minutes by:
2/16/2016
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,703
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

If the property was your primary residence for at least two out of five years prior to sale, you can exclude up to $250K each. The maximum exclusion is 500K.

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Tax Professional: emc011075, Tax adviser replied 2 years ago

Any questions?

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Tax Professional: emc011075, Tax adviser replied 2 years ago

Pamela, I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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